Gold falls ahead of US unemployment benefit data – Al-Manar TV website – Lebanon


Gold prices retreated on Thursday, as expectations of a rise in US jobless claims due to the outbreak of the Corona Virus over a massive US economic stimulus package and kept the stampede towards liquidity among investors.

And gold fell in the spot transactions 0.8 percent to $ 1600.22 an ounce (ounce) by the time 0508 GMT, after falling one percent earlier in the session.

“There is no story of positive growth here until companies resume their work, and that could see a decline in all of those assets, which have benefited from the stimulus announcement (recently) by the US Federal Reserve, including gold again,” said Elia Spivac, exchange-market analyst at Daily Fix. “.

The US Senate supported by a majority a two-trillion-dollar bill aimed at helping unemployed workers and industries damaged by the spread of the Corona virus, as well as providing billions of dollars to buy much-needed medical equipment.

Asian equity markets rose, but gains were limited as investors scattered among the relief about passing the package in the Senate, and concerns about whether it was enough to deal with the coming storm.

The US central bank announced on Monday that it will buy bonds in open numbers and support direct loans to companies in the latest series of policy steps taken over the past ten days to calm markets and support the economy.

As for other precious metals, palladium in spot trading fell 3 percent to $ 2247.57 an ounce by 0621 GMT, after rising about 20 percent in the previous session when it recorded the best daily gain since 1997 as it exacerbated the declaration of a state of isolation in South Africa, a major producer of the metal Supply concerns.

And platinum fell 1.5 percent to 726.77 dollars an ounce, while silver fell one percent to 14.29 dollars an ounce.

Source: Reuters


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